On October 31, AbbVie released Q3 2025 results. Total revenue for the first three quarters reached USD 44.5 billion (up 8.0%), with Q3 revenue at USD 15.8 billion (up 9.1%), primarily driven by strong growth from two immunology blockbusters.
Broken down by business segment, immunology, neuroscience and oncology all showed positive growth, contributing revenues of USD 21.8 billion (+12.3%), USD 7.8 billion (+20.3%) and USD 5.0 billion (+2.6%) respectively between Q1 and Q3. Aesthetics and eye care revenues were USD 3.6 billion (-7.8%) and USD 1.5 billion (-4.2%) respectively.
The immunology portfolio remains AbbVie's core growth engine. IL-23 monoclonal antibody (mAb) Skyrizi (risankizumab) and JAK1 inhibitor Rinvoq (upadacitinib) both achieved high double-digit growth, generating revenues of USD 12.6 billion (+58.1%) and USD 5.9 billion (+43.3%) respectively in the first three quarters. The combined annual revenue of these two drugs is expected to reach USD 25 billion. Former flagship product Humira (adalimumab) sales declined to USD 3.3 billion (-55.0%), shrinking to below USD 1 billion in the third quarter.
Neuroscience is currently AbbVie's fastest-growing business segment. Schizophrenia drug Vraylar (cariprazine) achieved sales of USD 2.6 billion (+10.9%) in the first three quarters. Two migraine drugs, Ubrelvy (ubrogepant) and Qulipta (atogepant), maintained strong growth momentum with sales of USD 932 million (+32.6%) and USD 748 million (+63.8%) respectively. Two Parkinson's drugs, new Vyalev (foslevodopa + foscarbidopa) and established Duodopa (carbidopa + levodopa), generated revenues of USD 299 million and USD 289 million (-14.7%) respectively.
In the oncology segment, Venclexta (venetoclax) replaced Imbruvica (ibrutinib) as AbbVie's highest-selling oncology product in Q3. Venclexta generated sales of USD 2.1 billion (+8.0%) in the first three quarters, while Imbruvica revenue declined to USD 2.2 billion (-12.1%). FRα ADC Elahere (mirvetuximab soravtansine) and CD3×CD20 bispecific antibody (BsAb) Epkinly (epcoritamab) performed strongly, maintaining double-digit explosive revenue growth (+53.7% and +78.7% respectively).
From an R&D progress perspective, the expansion of new indications for Rinvoq is expected to continue driving incremental revenue. AbbVie is currently prioritising regulatory submissions and clinical studies for the blockbuster. Recently, Rinvoq received US regulatory approval for a supplemental New Drug Application (sNDA) and updated indications for the treatment of adult patients with moderately-to-severely active ulcerative colitis (UC) and moderately-to-severely active Crohn's disease (CD). Two Phase III clinical trials for the drug also recently achieved positive results, demonstrating safety and efficacy in adult and adolescent patients with severe alopecia areata (AA) and non-segmental vitiligo (NSV) respectively.
Regarding transactions, AbbVie announced the completion of its acquisition of Capstan Therapeutics, adding a first-in-class anti-CD19 CAR-T therapy candidate and a targeted lipid nanoparticle (tLNP) platform to its immunology portfolio. The acquisition of the novel antidepressant bretisilocin supplements the company's neuroscience pipeline.
AbbVie's In-Licensing Activity from 2020 to 2025YTD
AbbVie has been highly active in transactions over the past two years. Based on disclosed upfront payments alone, the total for 2025 has more than tripled compared to 2024, demonstrating a firm commitment to investing in emerging therapies. Moreover, AbbVie has explicitly stated its next strategic move will involve entering the PD-(L)1×VEGF BsAb space, planning to synergise with its existing ADC pipeline to seize opportunities in the next generation of cancer immunotherapy markets.